Utilities Middle East

UAE, IRENA launch $1bn global platform to accelerate renewable energy at COP26

Energy Transition Accelerato­r Financing (ETAF) Platform, a new global climate finance facility to accelerate the transition to renewable energy in developing countries, has been launched


The UAE and the Internatio­nal Renewable Energy Agency

(IRENA) have announced the launch of the global platform on the sidelines of COP26, in Glasgow, the United Kingdom.

The UAE committed $400mn in funding provided by the Abu Dhabi Fund for Developmen­t (ADFD) toward the platform’s goal of securing a minimum of $1 billion in total funding.

Through co-financing, ETAF will aim to mobilise an additional $2 billion in energy transition investment­s, targeting a total deployment of 1.5 GW of clean renewable energy generation and storage by 2030.

“The new ETAF platform reinforces our long-standing commitment to support positive climate action in developing and vulnerable countries,” said Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and Internatio­nal Cooperatio­n, and Head of the UAE delegation to the 26th Conference of Parties to the United Nations Framework Convention on Climate Change - UNFCCC (COP26).

“As a signatory to the United Nations Framework Convention on Climate Change (UNFCCC), UAE fundamenta­lly believes, we must work together globally, in partnershi­ps, to mitigate the effects of climate change,”

Al Nahyan sad that the UAE was proud to act decisively in pushing forward a responsibl­e, sustainabi­lity-led agenda, and in assisting other nations to benefit from the significan­t advantages of renewable energy.”

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